Bitcoin (BTC) was stable at over $88,000 early on Tuesday, with the Japanese yen exceeding a psychological level of 140 against the US dollar, as US concerns and the risks of state chairman Sharfle expanded the appeal of safe inventory assets.
Yen rose from almost 1% to 139.93 against the dollar, the strongest level since September. Gold surged to a fresh high at $3,494 per ounce in Asian morning hours.
Reports say Trump has denounced the Fed for economic radiance from the trade war if the central bank doesn’t immediately lower interest rates, depriving the Chief of the emergence of independence the Federal Reserve currently enjoys.
BTC added just over 1% to continue to rise steadily from Sunday. Ether (ETH), Cardano ADA, XRP, and Solana SOL showed signs of profiting at a 3% decline, Coingecko data shows.
Kaspa’s Kas and Polygon’s Pol are not immediate catalysts, but have risen by 9% to lead profits between the mid-caps.
Traders noted that Bitcoin’s profits are solidifying its position as a risk-off asset amid the global eruption.
“The rise today is further evidence of the growing role of Bitcoin as a risk-off asset,” Jerry O’Shea, director of Global Market Insights at Hashdex, told Coindesk in an email. “In the last five years, Bitcoin has earned double-digit returns for several months following major geopolitical and macro events, including the 2023 Covid Pandemic, Russia’s invasion of Ukraine and the US Banking Crisis.”
“Gold is currently trading at an all-time high, which can foreshadow strong performance from Bitcoin as investors’ desire for risk-off assets increase.
The surge in gold prices and relatively strong price action in Bitcoin (BTC) has a relatively strong price action amid the sale of global markets. Some traders are reexamining the latter role as “digital gold.”
Meanwhile, chart watchers say Bitcoin has surpassed key technical metrics this week.
“Bitcoin jumped to 87,500 on Monday and tested its highs in late March,” FXPRO chief market analyst Alex Kubsaikvich told Koindsk. “Major cryptocurrencies were able to bounce back the 50-day moving average that they had been hovering for the past week and a half.”
“A solid closure beyond the $88,000 area indicates a downtrend break and a return to above the 200-day moving average. Movements from current levels will be a significant signal for the overall market.